Economy

Tech sector gives stocks a boost

Tech sector gives stocks a boost

"Volatility has ramped up, inflationary pressures are more prevalent, interest rates are on the cusp of change, so that presents a higher level of uncertainty and higher investor angst", Sandven said.

Amazon bounced back to end the day up 1.1 percent despite further criticism by President Donald Trump that the company does not pay enough taxes and a 4.6 percent loss during trading hours.

Markets in the U.S. and Europe are closed Friday in observance of Good Friday, but investors will be closely watching Spotify's direct listing on the New York Stock exchange on Tuesday following the Easter holiday. The Nasdaq Composite Index was up 114.22 points, or 1.64 percent, to 7,063.44.

For the holiday-shortened week, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq jumping 2.4 percent, 2.0 percent and 1.0 percent, respectively.

GameStop (GME.N) shares fell 10.8 percent after the company provided disappointing full-year sales forecast.

"The equity market is ending the week and the quarter on a positive note, and that's following a quarter that's been volatile and uniformly lackluster", said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.

The S&P 500 increased 35.87 points, or 1.38 percent, to 2,640.87.

Technology gains were led by Facebook, Intel, Alphabet and Microsoft shares.

The group is up 14 percent so far this year, but privacy concerns in the wake of Facebook's scandal almost two weeks back has wiped $400 billion off their value.

Advancing issues outnumbered declining ones on the NYSE by a 3.66-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored advancers.

The tech sector fell 4% for March but still remains at the top of the 2018 sector standings with a YTD gain of 3.2% vs. a 1.2% YTD loss for the S&P 500. The social media giant, which has taken a beating in recent days over privacy concerns, rose $6.76, to $159.79. The watchmaker's stock jumped $5.20, or 15.7 percent, to $38.40.


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